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t • <br />Member Neal introduced the following resolution and moved its <br />adoption: <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO.97-02 <br />RESOLUTION AUTHORIZING PREPARATION OF A MODIFIED TAX INCREMENT <br />FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-7 <br />WHEREAS, on May 22, 1995 the city council of the City of Lino Lakes (the <br />"City") established Tax Increment Financing District No. 1-7 ("TIF District No. 1-7") in <br />order to promote development within areas of the community which have not <br />developed solely through private efforts in a manner which is consistent with their <br />prominence; and <br />WHEREAS, it has been necessary to amend the Plan for the TIF District No. 1-7 <br />in the past in order to assist development and to achieve the purposes for which TIF <br />District No. 1-7 was established; and <br />WHEREAS, it has been proposed that the TIF Plan be modified again to assist <br />an industrial facility pursuant to Minnesota Statutes, sections 469.174 through <br />469.179 (the "TIF Act"). <br />NOW, THEREFORE, BE IT RESOLVED by the Lino Lakes Economic Development <br />Authority (the "EDA") as follows: <br />1. Staff and Kennedy & Graven, Chartered are hereby authorized and directed to <br />prepare a modified tax increment financing Plan (the "Plan") for TIF District No. <br />1-7. <br />